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Region's Angels in Favor of Pursuing New Funds

Monday, March 08, 2010

North Coast, Akron groups seek to capitalize on startups

Excerpt of story provided by Crain's Cleveland Business
Written by Chuck Soder

Northeast Ohio's only angel fund is about to deplete the cash it reserves for new investments, but the region could end up with two new funds to replace it...

...The North Coast Angel Fund certainly has been opening its wallet of late. The group has invested in nine companies in nine months and will be 12-for-12 if it makes its next three on schedule...

...For instance, late last month the group led a $2.5 million investment ABSMaterials Inc., a company in Wooster that makes a glass-like material meant to pull oil and other pollutants from air, water and soil. In addition to the fund's $200,000, members and other individuals connected to the fund plopped down another $570,000, a record add-on investment for the group...
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